GROY-WT · Gold Royalty Corp.

Gold Royalty Corp. delivered exceptional first quarter 2026 results, achieving record revenue of $7.2 million and Total Revenue, Land Agreement Proceeds and Interest of $9.4 million, driven by 1,920 GEOs. This marked a substantial improvement over Q1 2025, with Adjusted EBITDA surging to $7.0 million, approximately 318% higher, reflecting the rewards of five years of portfolio building since its IPO. GAAP net income flipped to a profit of $1.8 million from a prior loss, with operating cash flow rising to $4.5 million. The balance sheet strengthened significantly, ending the quarter with over $13.6 million in cash, zero debt, and a fully undrawn $150 million credit facility including a $25 million accordion, positioning the company for accretive growth. Management, led by Chairman and CEO David Garofalo, highlighted the tremendous portfolio assembled and ongoing company-building efforts. The company reaffirmed its 2026 outlook of 7,500-9,300 GEOs, noting Q1 results annualized exceed the low end, with production weighted to the second half. Portfolio updates across assets like Borborema, Odyssey, Côté, and Vareš showed positive developments, including production increases, resource expansions, and advancement toward key milestones. Leadership changes include John Griffith's promotion to President for his instrumental role in company formation, Jackie Przybylowski's expanded responsibilities in sustainability starting July 1, 2026, and Katherine Arblaster's departure, underscoring continued commitment to ESG. The royalty generator model generated 56 royalties since 2021, maintaining low costs.